Is this is a genuine post?
Your mate owes €310k and apparently can service the loan. Why would any bank give him a deal?
Because lots of other people have gotten debt write downs or other deals. In fact lots of people have gotten advice on how to go about it from AAM.
Not everybody, lots of people. You just have to read AAM to see the examples.Really? Can everybody get their debts written down now?
I agree. Because security is so difficult to enforce is given as a reason interest rates are so high.It's amazing that anybody is daft enough to meet their legal obligations in that case.
He's, somewhat unusually, maintained payments throughout - supplementing the undershoot in rent with money from his full time job.
He's with BoI (whom he says won't write down - but he's a bit of a softy and might not have pushed
Brendan Burgess said:This seems really simple to me.
Is this is a genuine post?
Your mate owes €310k and apparently can service the loan. Why would any bank give him a deal?
It isn't unusual to see those selling investments to be pulled for mis-selling and being forced to rectify/compensate for their mis-selling.
Very rarely in life is anything simple. Pick heads or tails, perhaps. Or what is left and what is right. That kind of thing.
To take the simple view is a sure path to taking an incomplete view.
Ian
Your friend was not sold an investment. Your friend bought a property on the open market. He then applied to BoI for a loan and was given that loan.
The High Court has ruled clearly that "reckless lending" is not a defence.
I would be worried that you will completely mislead your friend.
You have not offered any evidence whatsoever of mis-selling. So he owes the money.
You are not really interested in soliciting advice on behalf of your friend - you simply want to rant.
Is this your idea of morality?- play hardball (as others appear to successfully have done). He could feign separation from his missus, move into the house and pay sufficient / "engage with the bank" to make repossession more difficult
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